anyone in banking

[Ruckus46gt]

Anyone in the loans area. I have a wierd question about if you can take a vechile loan on a car you hold the title on. Yea i know it shoulds wierd but basically i have my car title and have an loan between bank accounts. I'm looking take out a 12,500 laon for my car pay off the little i owe on the old loan, pay off my cc's, and sped a couple grand on the car. Sounds wierd but it comes out better this way if i finance over 60 months, compared to keeping my loan and doing a secure loan on the title of my car for the amount.

[HIKER]

Go to the base credit union and tell them your situation. They will probably only loan on 60-70% of low book, maybe more if you go direct deposit.

Tell them you want to consolidate some bills and take a little extra out to put in saving.. But don't tell them you want to buy more speed parts.

[HIKER]

Also, right now CC's are offering super low rates even on balance transfer and cash out. I just wrote a check thru Cap One for $2500 at 4.9% and no additional fees for a bike. I sold the bike a month later, paid off the loan and it cost me zilch.

[El Jefe]

You want to take out another loan to pay off your original loans and buy more stuff? Sounds like you need a Civic...

[ttocs]

I did it a few years ago when I moved here and wanted to transfer the loan from the bank in indiana to here. I had some difficulty because in indiana the bank keeps the title until the loan is paid. Alot of the banks said they had no problem doing the loan if the title was in my hand, but I could not get the title in my hand until it was paid... I finallyu went to M and I bank and they took care of me.

[Martimus]

Up until a year ago I was Director of Technology for Arizona Federal Credit Union. Though I'm by no means a lending person I can tell you that this will end up being a rather creative loan. What I'm thinking that many financial institutions will have you do is somehow write a loan secured against your car or home or ...
You can then use the proceeds to pay off the old car loan and credit cards. Sounds like they might be able to treat this as a re-finance of the original loan but I'm not sure if it is possible to extend the amount of the loan beyond the remaining balance.

Good luck!